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Environmental issues are closely related to the economic development of human society, and reducing environmental pollution during production is of great significance for environmental protection. This paper utilizes data from Chinese industrial enterprises (2001–2010), and establishes a fixed effects model to examine whether minimum wage standards are important in reducing non-clean energy consumption by enterprises. The results indicate that an increase in the monthly minimum wage leads to a significant reduction in coal consumption by firms, while the change in the hourly minimum wage do not exert a statistically significant influence on coal consumption by firms. The above empirical results remain robust after conducting a series of endogeneity tests. The mechanism test shows that innovation and exports serve as mediating variables between the minimum wage and coal consumption. Specifically, raising the minimum wage can incentivize enterprises to innovate in production and expand their exports, resulting in a decrease in the consumption of non-clean energy. Finally, through the heterogeneity test, we observe that increases in the minimum wage have varying effects on coal consumption among firms with different numbers of employees and different ages. Based on the research findings of this paper, we propose that the government should comprehensively consider and improve relevant systems, formulate scientifically-based minimum wage standards, take into account both workers' rights and interests as well as enterprises' profits, actively promote energy transformation in enterprises, and ultimately achieve long-term development of the social environment. [ABSTRACT FROM AUTHOR]

The persistent issue of industrial pollution in China's environment has prompted industrial firms to explore new opportunities for addressing this problem through the rapid growth of financial technology (fintech). In this study, we construct a city-level fintech index using Baidu News Advanced Search and combine it with Chinese industrial firm data from 2004 to 2014, along with other city-level data, to empirically explore how fintech affects firm pollution. Our baseline results show that fintech can significantly reduce firm pollution discharges, more precisely, a 1% increase in fintech is associated with a reduction in firm pollution by 0.062%. The robustness of our findings has been confirmed through various strategies. We have identified the underlying mechanisms of fintech's impact on firm pollution discharges and confirmed that it significantly reduces such discharges through export competitiveness, environmental protection investment, and technological innovation. Furthermore, we investigate the heterogeneous effects of fintech development and find that it leads to more pronounced reductions in pollution discharges for firms with older age, for firms with larger scale, for non-state-owned firms, for firms located in both the eastern and western regions, for firms located in the areas with a higher level of competition among banks and those located in the areas with a higher level of economic growth. However, the development of the tertiary sector significantly weakens the reduction effect of fintech on firm pollution discharges. Our research provides theoretical support for exploring emerging and viable approaches to mitigating firm pollution from a financial perspective and offers promising implications for harnessing the positive externalities of fintech. [ABSTRACT FROM AUTHOR]